Robust pipeline at Wood Group

5th Oct 2011 07:54

Oilfield support services giant Wood Group said performance in the year to date has been in line with expectations, with the order backlog and bidding pipeline in good shape.Growth in the Engineering division continues to be driven by the upstream and sub-sea & pipeline activities, while Wood Group PSN is seeing good activity levels in both the North Sea and in North America, though, as previously reported, performance for the year to date has been held back by start up delays in Australia and Oman.In the group's GTS division, an improved second half maintenance performance should be delivered and the group has started recognising profit on its engineering, procurement and construction contracts with Dorad and GWF."Our financial position remains strong and we anticipate good cash flow for the second half of the year. In early October, we received an $81m net working capital adjustment relating to the divestment of the Well Support division to GE," the group said. --jh